Solvency margins
7.  For the purposes of section 18 of the Act, a Protection and Indemnity Club shall maintain at all times —
(a)in respect of an insurance fund established under section 17 of the Act that relates to Singapore policies, a margin of solvency of —
(i)$1 million;
(ii)20% of the net premium income of the fund in the preceding accounting period; or
(iii)20% of the loss reserves of the fund as at the end of the preceding accounting period,
whichever is the highest; and
(b)in respect of an insurance fund established under section 17 of the Act that relates to offshore policies, an amount of assets in the fund the value of which is not less than the amount of the liabilities of that fund.